Adelaide Resources (ASX: ADN) has hit significant mineralisation at the Moonta Copper-Gold Project, including; 35 metres at 0.73 grams per tonne (g/t) gold and 1.14% copper from 25 metres, from hole WAC60.
Included in the discovery was a section of; 15 metres at 1.24g/t gold and 1.58% copper.
The potential for Moonta is building with these latest near surface hits, as Adelaide Resources said drilling has revealed a shallow body of low to moderate grade copper-gold mineralisation that is starting to demonstrate continuity in three dimensions.
Importantly, the best gold and copper intersections are located in the thickest, central part of the deposit.
Chris Drown, managing director, said “These latest results increase our confidence that we have discovered a copper-gold deposit of potential significance at Willamulka.
“The low to moderate grades encountered to date are compensated to a degree by the very shallow depth to the top to the mineralisation, while higher grades encountered in some holes, including WAC60, confirm that attractive higher grade is certainly present in places.”
The market has applauded the discovery, pushing the stock $0.03 higher to $0.20 in afternoon intra-day trading.